Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
THETA price has been on a downward trend, losing all the gains and continuing to fall lower. The price has been declining steadily after a brief surge in January 2023. Since then, the price has dropped more than 50% of its value and this downward trend continues.
The daily chart shows that the crypto has been moving in a channel pattern and has been falling continuously, facing multiple rejections from the upper levels.
Recently, the price attempted a recovery from the $0.57 level and rose higher, but failed to break out of the channel pattern and fell once again. The sellers used the price hike as a chance to sell on the rise and short-sell heavily, which once again pushed the price down and erased the gains.
Theta is a network that uses blockchain technology to enable video streaming in a decentralized way. Users on the network share their bandwidth and computing power with each other on a P2P basis. The project has the support of Steve Chen, YouTube’s co-founder, and Justin Kan, Twitch’s co-founder.
Theta Network Price Prediction Using Price Action Strategy
The price may fall further as the bears dominate the market. The price could not stay above the 50 EMA, which shows the short-term weakness in the crypto.
The price is moving in a parallel channel pattern and is facing rejections from the upper levels. The price trend is likely to remain bearish as long as it stays in the channel. The long-term trend is also bearish, which indicates weakness on the charts.
However, there may be some cause for hope if the price breaks out of the channel. This may attract some buyers to join the market. However, this requires the price to stabilize at the lower levels and show some bullish signs on the charts.
Furthermore, the volume analysis shows that the volume received is less than the average volume, indicating weakness in the market. Over the last 24 hours, the THETA token has recorded a trading volume of $8.429 million, showing a significant decrease of approximately 46.9% compared to the previous day’s volume.
THETA Price Forecast from Indicators’ point of view
As per the EMA analysis, the THETA price could not sustain above the 50 and 200 EMAs, indicating weakness in the daily timeframe.
MACD lines have made a bearish crossover. Additionally, Histogram bars are being formed below the mean line with increasing height, indicating that sellers are dominating the market.
Conclusion
THETA price is in a downtrend, wiping out more than 50% of its value since January 2023. The daily chart shows a parallel channel pattern, with multiple rejections from the upper levels. The price failed to break out of the channel and stay above the 50 EMA, indicating bearishness. The sellers short-sold heavily, pushing the price down. The price may have some hope for buyers if it breaks out of the channel and shows some bullish signs, but this requires stabilization and greater buying volumes at the lower levels.
Technical Levels
- Support levels: $0.57 and $0.47.
- Resistance levels: $0.75 and $0.84.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/08/29/theta-network-price-prediction-will-theta-continue-to-decline/